Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, today announced that it has been ranked as a ‘Leader’ in Insurance Business Process Outsourcing (BPO) by Everest Group in its report, 'Insurance BPO – Service Provider Landscape with PEAK MatrixTM Assessment 2014', November 2014.
TCS’ ’leader' designation was driven by its 20 percent market share (by revenue) in the insurance BPO landscape, ability to sign large contracts, strong technology capabilities with investments in augmentation and platform-based solutions, balanced shoring capabilities with strong prescence in the U.S. and U.K., and strong innovation and analytics capabilities to drive high buyer satisfaction.
“TCS is a leader due to a combination of significant market share and high delivery capability,” said Rajesh Ranjan, Partner and Head, BPS Research, Everest Group. “Its insurance-focused technology solutions, balanced shore delivery model, and ability to execute large and complex deals provides a credible option for Insurers. This is evident by high buyer satisfaction ratings, where they cite TCS’ commitment to delivery excellence, technology interface and integration and ability to self-identify and fix issues.”
“Everest Group’s recognition of TCS as a leader in insurance operations reflects the investments we have made in being relevant to our clients for their current and future business process services requirements,” said TCS’ Abid Ali Neemuchwala, Global Head of Business Process Services. “Globally, insurers seek partners who can help them address the complexities of the changing business, regulatory and technology environments. TCS has become the partner of choice for them, with our unique operations and technology capabilities that enable insurers to simplify their processes and significantly improve compliance.”
Today’s insurance industry is grappling with lower asset returns than ever before while seeking to capitalize on the increasing global opportunities and changing customer demographics. Insurers seek to create new business models that will give them the operational agility and global reach at a competitive cost base. Insurers globally have partnered with TCS to meet these objectives in their existing operations and greenfield ventures. TCS’ FORE™ simplification methodology, Robotic Process Automation framework, TCS BaNCS platform on the cloud, analytics and TRAPEZE™ solution ensure that insurers have better compliance and controls, and a roadmap to business excellence and predictability of business results.
The Everest Group report analyzed the position of 20 service providers specific to the Insurance BPO market. They were mapped on Everest Group’s Performance, Experience, Ability, and Knowledge (PEAK) Matrix™, a composite range of distinct metrics that measures each provider’s capability and market success.